Search for: "Office of the Comptroller of the Currency Compliance Management"
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12 Jan 2021, 9:58 am
The Bureau should (1) conduct research on whether the ECOA should be amended to include disability as a prohibited basis, (2) modernize Regulation B in various areas such eliminating the ban on questions about plans for childbearing, the prohibition on considering whether an applicant has a telephone listing in the applicant’s name, and the requirement for a creditor to consider the credit history of accounts in a spouse’s name for which the applicant is not contractually liable… [read post]
7 Jan 2021, 7:44 am
On January 4, 2021, the Office of the Comptroller of the Currency (“OCC”) published an Interpretive Letter clarifying the authority of national banks and federal savings associations to participate in independent node verification networks (“INVN”) and use stablecoins to conduct payment activities and other bank-permissible functions. [read post]
6 Jan 2021, 8:27 am
The Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1174 on January 4, 2021, clarifying the authority of national banks and federal savings associations to buy, sell, and issue stablecoins and participate in independent node verification networks (INVNs) in order to conduct payment activities and other bank-permissible functions. [read post]
8 Dec 2020, 2:29 pm
Allocate time for identity and access management controls (IAM): Given the current work from home environment, coupled with the approximately fifteen (yes, 15) billion credentials available on the Dark Web, a major threat to corporate networks is “unauthorized access. [read post]
25 Nov 2020, 11:30 am
JPMorgan Chase will pay a $250 million fine for purported poor risk management practices and alleged conflicts of interest According to the Office of the Comptroller of Currency (OCC) this week, JPMorgan Chase will pay a $250 million fine for purported poor risk management practices and alleged conflicts of interest in its advisory business. [read post]
23 Sep 2020, 7:55 am
On Monday, September 21, 2020, the Office of the Comptroller of the Currency (“OCC”) issued an interpretive letter on the authority of national banks and federal savings associations to hold stablecoin reserves (the “OCC Interpretive Letter”). [read post]
9 Sep 2020, 11:41 am
As we observed only last Term, that practice extends to the judgments of the Comptroller of the Currency with regard to the meaning of the banking laws. [read post]
26 Aug 2020, 10:23 am
On August 13, 2020, the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (the “Agency” or collectively the “Agencies”) issued a joint statement updating and clarifying their 2007 guidance regarding how they evaluate enforcement actions when financial institutions violate or fail to meet BSA/AML requirements. [read post]
31 Jul 2020, 12:48 pm
The Office of the Comptroller of the Currency (“OCC”) recently signaled its approval for banks to fully wade into the cryptocurrency custodian space. [read post]
31 Jul 2020, 11:03 am
Banking regulators took a significant step toward the mainstreaming of cryptocurrency recently when the Office of the Comptroller of the Currency (OCC) provided guidance about how a bank can provide custody services for cryptocurrency. [read post]
23 Jul 2020, 9:09 am
On July 22, 2020, the Office of the Comptroller of the Currency (OCC) published an interpretive letter clarifying the authority of national banks to provide cryptocurrency custody services for customers. [read post]
25 Jun 2020, 5:13 pm
The proposal was issued jointly as an interagency rule with the CFTC, SEC, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve System (FRB). [read post]
16 Jun 2020, 2:18 pm
That is the question that John Reed Stark, President of John Reed Stark Consulting and former Chief of the SEC’s Office of Internet Enforcement, examines in the following guest post. [read post]
15 Apr 2020, 3:16 pm
Investigations by other government entities regulating financial services companies, such as the Financial Industry Regulatory Authority (FINRA), Office of the Comptroller of the Currency (OCC), and similar agencies, investigating alleged unsafe or unsound business practices, claims of public fraud, or other breach of fiduciary duties by regulated entities and licensed individuals operating in sub-optimal conditions as a result of COVID-19. [read post]
30 Mar 2020, 3:03 am
At the same time, the FDIC and Office of the Comptroller of the Currency issued a joint statement allowing banking organizations to mitigate the effects of CECL in their regulatory capital for up to two years. [read post]
13 Mar 2020, 1:00 am
Department of Justice (“DOJ”), the Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve for a combined $613 million in financial penalties—marks the first time FinCEN has imposed a penalty on a bank compliance officer for his role in failing to prevent BSA/AML compliance program failures. [read post]
6 Mar 2020, 5:10 pm
Bank was subjected to a fine of $185 million in February 2018, pursuant to an enforcement action by FinCEN, in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. [read post]
5 Jan 2020, 2:52 pm
This backlog represents a significant problem for the D&O insurers, as this mass of claims must be managed and adjusted. [read post]
5 Jan 2020, 2:52 pm
This backlog represents a significant problem for the D&O insurers, as this mass of claims must be managed and adjusted. [read post]
31 Jan 2019, 2:03 pm
Law enforcement remains virtually paralyzed, while bitcoin continues to gain popularity as the outlaw’s currency of choice. [read post]
